November 10, 2022
Wednesday, November 9
th saw the December NYMEX Natural Gas Futures Contract open at $5.830, thirty-one cents below Tuesday’s closing price of $6.138. Prices trended lower until finding the intraday high of $5.715 at 11:15AM, as the latest forecasts show warming toward month-end. Additionally, Tropical Storm Nicole barreled closer to the southeast coast, bringing the threat of demand destruction. Mounting a recovery to tally the intraday high of $6.034 at midday, December closed lower on Wednesday at $5.865.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 75 BCF injection to storage for the week ended October 28. This compares to a 7 BCF injection at this time last year and a five-year average injection amount of 20 BCF.
As of 7:00AM EST this morning in Globex, WTI Crude was down 56 cents; Natural Gas was up two cents; Heating Oil was down three cents; and Gasoline was up two cents.
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